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Hard Money Loans Purchase and renovate Non-owner occupied Single family homes Up to 65% ARV Interest only No prepayment penalty First mortgage lien Fast approval/funding
PeachStone Capital
Give us a call at
Apply for a hard money
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We typical close our loans in 7 days or less.
What is your maximum loan to value (LTV)? We can lend up to 65% of the after repaired
value (ARV) of the property
What is the minimum credit score you will accept? We do not have a minimum credit score, we work
with investors with any credit. However, credit score and financial strength will factor into the maximum
LTV, down payment, points, and interest rate.
What are your loan origination fees? Interest rates? Our loan origination fees equal 5% of the loan
amount (minimum $3,000) and our interest rate is 15%
What types of properties will you lend on? We currently only lend on single family houses in the metro Atlanta, GA area. We do not lend on multifamily homes, commercial properties, raw land, or new construction. Our ideal house has 3+ bedrooms, 2+ bathrooms, and is located in a well maintained neighborhood.
We generally won't consider small houses (i.e. less than 1,000 sf), houses with 1 bathroom (unless the rehab includes adding a 2nd bathroom, houses located on busy streets, houses abutting industrial/commercial areas.
In a nutshell, we try to avoid problem houses/neighborhoods that
are hard to sell and typically sell for less. Put yourself in your
buyer's shoes, would you want to live in a small 1 bath house on a
busy commercial street with a view of a recycling plant or the
Federal prison?
We currently lend in the Atlanta, Georgia area
including the following counties: Cobb, DeKalb, Fulton,
Gwinnett, Forsyth, Hall, and Cherokee. We are currently not
funding any loans in Clayton County.
What is your minimum loan amount? Our minimum loan amount is usually $30,000.00.
We occasionally fund smaller loans, however our minimum loan
origination fee is $3,000.00 or 5 points, whichever is greater.
Is an appraisal required? Will you accept a third party appraisal? An appraisal is not required. We do not accept third party appraisals.
We determine the after repaired value (ARV) of the
subject property using a competitive market analysis or comparative
market analysis (CMA). The CMA will use
sold listings from the FMLS/GAMLS to determine the estimated after
repaired value (ARV). The comps used in the CMA will be from
similar properties in terms of size, age, condition, construction,
etc. within a radius of 0.5 miles from the subject property that have sold
within the previous 6 months.
Do you charge prepayment penalties? No. Your loan may be paid at any time with
not prepayment penalty. The faster you rehab a property
and sell or refinance it, the more profit you make.
Do you lend money for repairs/improvements? Yes we lend money for repairs/improvements provided the total
loan amount does not exceed 65% of the after repaired value (ARV)
of the property. Repair money will be held in escrow and
will be released in draws as you complete the renovations on
your property. We will not provide any draw advances.
The borrower is responsible for paying their contractors and
material men.
Do you provide proof of funds letters? Yes, provided you have been pre-approved.
Can anyone live in the house during the course of the loan? No, we only lend on non-owner occupied properties.
Do I need to have a property under contract before applying for a loan? We can pre-approve you for our loan program prior to placing a property under contract.
Do you require a down payment? Depending upon the buyer's credit and financial
strength, we can finance up to 95% of the total project cost
(purchase, repairs/improvements, and closing costs) up to
65% of the after repaired value (ARV) of
the property. Minimum borrower cash investment is 5% of the
total project cost (minimum $5,000 down payment)
Can the points, closing costs, and interest be rolled into the loan? No, the borrower must pay their own points and
closing costs (i.e. seller paid closing costs are not permitted).
Interest payments are made monthly beginning on the 1st day of each
month.
Are there any upfront fees? Application fees? Inspection fees? We do not require any upfront fees, application
fees, or inspection fees prior to approving your loan. Once we have approved your loan, we will
instruct our attorney (Harlan
and Associates, LLC) to order a title search on the property. The
borrower will be required to pay for the title
search in advance.
Can we close with my attorney or do you require we close with your attorney? All loans will be closed with our attorney (Harlan
and Associates, LLC).
Closings costs tend to run about 7% of the loan
amount. Actual closings costs will vary depending upon purchase
price, loan amount, prorated property taxes, hazard insurance
coverage, etc. You can estimate your closing costs using our
closing cost estimator spreadsheet (click
here for Excel spreadsheet), (click
here for pdf version)
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Atlanta's Hard Money Lender When timing is everything, we close! phone: 770.379.1099
email: wade (at) AtlantaHardMoneyLoans.com
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